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WALD

Waldencast plc

WALD

Waldencast plc • NASDAQ
$2.52 ▼ -4.18% (-0.11)
Market Cap $282.38 M
52w High $4.18
52w Low $1.48
Dividend Yield 0%
P/E -1.39
Volume 83.41K
Outstanding Shares 112.05M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2024 $142.286M ▲ $128.644M ▲ $-32.368M ▼ -22.749% ▼ $-0.29 ▼ $-1.124M ▼
Q2-2024 $131.582M ▲ $121.684M ▲ $-10.075M ▲ -7.657% ▲ $-0.091 ▲ $1.73M ▲
Q4-2023 $108.8M ▼ $120.101M ▲ $-78.209M ▼ -71.883% ▼ $-0.64 ▼ $-18.484M ▲
Q2-2023 $109.338M ▲ $100.619M ▲ $-11.772M ▲ -10.767% ▲ $-0.109 ▲ $-23.734M ▲
Q4-2022 $89.854M $57.981M $-107.151M -119.25% $-1 $-106.216M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2024 $14.802M ▼ $975.86M ▼ $245.923M ▼ $662.319M ▲
Q2-2024 $19.691M ▼ $1.014B ▼ $253.212M ▼ $618.608M ▼
Q4-2023 $22.576M ▲ $1.043B ▼ $273.437M ▼ $624.626M ▲
Q2-2023 $18.9M ▲ $1.087B ▼ $318.251M ▲ $615.277M ▼
Q4-2022 $8.693M $1.09B $290.177M $639.239M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q4-2024 $-32.368M ▼ $2.562M ▲ $-1.524M ▼ $-5.732M ▼ $-4.883M ▼ $1.14M ▲
Q2-2024 $-10.075M ▲ $-11.382M ▲ $-1.396M ▼ $11.314M ▼ $-1.391M ▲ $-12.668M ▲
Q4-2023 $-60.567M ▼ $-13.41M ▲ $-610K ▲ $15.047M ▼ $-21.67M ▼ $-13.859M ▲
Q2-2023 $-29.414M ▼ $-16.365M ▼ $-1.384M ▼ $29.282M ▲ $21.67M ▲ $-17.507M ▼
Q1-2023 $-14.707M $-8.182M $-692K $14.641M $0 $-8.753M

Revenue by Products

Product Q4-2022
Product
Product
 $90.00M ▲
Royalty
Royalty
 $0 ▲

Five-Year Company Overview

Income Statement

Income Statement Waldencast’s sales have been growing steadily each year, showing that its brands are gaining traction, but the business is still not consistently profitable. Gross profit has improved, suggesting better pricing power and product mix, yet operating costs remain high relative to revenue. Operating losses have narrowed and cash-based earnings metrics have moved closer to break-even, which hints at improving efficiency. Overall, the company appears to be in a transition phase: moving from investment and build-out toward a more sustainable earnings profile, but not there yet.

Balance Sheet

Balance Sheet The balance sheet shows a reasonably solid asset base supported mainly by shareholder equity, with a meaningful but not extreme amount of debt. Equity has grown over time, which indicates ongoing investor support and retained capital despite losses. Debt levels look manageable in relation to total assets, but they still introduce some financial risk if performance were to weaken. The most notable concern is the relatively thin cash cushion, which makes the company more sensitive to short-term shocks or delays in achieving stronger profitability.

Cash Flow

Cash Flow Waldencast is still using more cash than it generates from its day-to-day operations, although the cash outflow has been shrinking over time. Free cash flow is negative but has improved, reflecting gradual progress toward self-funding its growth. The business appears to be asset-light, with very limited spending on physical investments, so most cash usage is tied to operating costs and working capital. The key question going forward is whether revenue growth and margin improvement can fully offset this cash burn before the company needs additional external funding.

Competitive Edge

Competitive Edge Despite being classified as a technology name, Waldencast’s real strength lies in its beauty and wellness portfolio, anchored by Obagi and Milk Makeup. Obagi benefits from a physician-dispensed model, clinical credibility, and strong relationships with dermatologists and medical professionals, which creates a meaningful barrier to entry. Milk Makeup leans on brand loyalty, clean and vegan positioning, inclusive marketing, and distinctive product formats that resonate with younger, values-driven consumers. However, both medical skincare and color cosmetics are intensely competitive, with crowded shelves and powerful global rivals, so Waldencast’s edge depends on continued brand relevance, execution in new channels, and disciplined integration of acquisitions.

Innovation and R&D

Innovation and R&D Innovation is a clear focus: Obagi emphasizes science-backed, clinically tested formulations and proprietary technologies, while expanding into injectables and aesthetics, an area with high potential but also higher regulatory and execution risk. Milk Makeup pushes forward with clean formulations, novel textures and formats, sustainability initiatives, and digital tools like AI-based personalization, which can deepen customer engagement. The company is also experimenting with eco-conscious and waterless products, plus blockchain-based transparency, which may strengthen its appeal to conscious consumers. All of this innovation is strategically attractive, but it requires ongoing spending on research, clinical work, and marketing, which must be balanced against the goal of reaching consistent profitability.

Summary

Waldencast looks like a developing platform company in beauty and wellness: revenues and gross profits are growing, and losses have become smaller, but the business is not yet firmly profitable or cash-generative. Its balance sheet is backed by solid equity and manageable debt, though the low cash balance heightens sensitivity to setbacks. The core brands appear differentiated, with Obagi offering medical-grade credibility and Milk Makeup offering cultural relevance and strong community appeal, supported by a robust pipeline of product and format innovation. The main opportunities lie in scaling these brands, executing on aesthetics and global expansion, and leveraging digital tools, while the main risks center on intense competition, regulatory demands in medical and injectable products, and the need to fund continued innovation while moving toward sustainable earnings and cash flow.

NEWS

November 16, 2025 · 1:02 AM UTC

Obagi Medical Shares New Clinical Data on Obagi Hyaluronic Acid Injectables and Nu-Cil Scalp Serum at the 2025 American Society for Dermatologic Surgery Annual Meeting

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November 14, 2025 · 5:05 PM UTC

Waldencast plc strengthens balance sheet position with the announcement of a trademark sale for Japan and refinancing of its credit facilities

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November 12, 2025 · 7:33 AM UTC

Waldencast plc Provides Information Regarding Upcoming Earnings Release Dates

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October 8, 2025 · 8:00 AM UTC

Obagi Medical Launches Nu-Cil® BioStim™ Scalp Serum

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September 10, 2025 · 6:45 AM UTC

Waldencast Announces FDA Approval of Obagi® saypha® MagIQ™ Injectable Hyaluronic Acid Gel Under the Obagi Medical Brand

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